President Lee Jae-myung on Thursday called for "meticulous and swift policy responses backed by an active fiscal role to make this year the starting point of a rebound in the potential growth rate," noting that "some forecasts project this year's nominal growth rate to approach 10%."
Speaking at a Cabinet meeting held jointly with an emergency economic review meeting at the former presidential office Cheong Wa Dae, Lee said, "Despite difficult external conditions including the prolonged Middle East war, the economy is recovering and growing rapidly." He urged officials to "draft a detailed second-half economic strategy that reflects the changed circumstances," adding that the government "must prioritize price stability and prepare preemptively for the post-Middle East war situation."
Lee also said, "Structural reforms such as easing polarization must also proceed," reiterating his call for an active fiscal role to make this year the starting point of a rebound in the potential growth rate.
At the same time, Lee added, "Non-essential fiscal spending must be boldly cut," stressing that "it is our responsibility to properly use the taxes and power entrusted by the people solely for the people."
